Known as "Roaring Kitty" on YouTube and "DeepF***ingValue" on Reddit's popular WallStreetBets forum, Gill was a key figure in the so-called "Reddit rally" which saw shares of GameStop surge 1600% at one point in Jan.
But in April, a court dismissed a lawsuit alleging Gill violated securities laws by inciting the rally in GameStop and causing “huge losses” for investors. The Massachusetts securities regulator is still probing Gill's activities around the Reddit rally, a spokeswoman said.
He no longer works in marketing at insurer MassMutual. Gill has returned to obscurity: albeit much richer thanks to his GameStop positions that at one point reached $48 million in value. WASHINGTON (Reuters) - A year ago, office worker Keith Gill shot to global notoriety when his "Roaring Kitty" YouTube persona stoked a trading frenzy with bullish bets that propelled shares of retailer GameStop (NYSE: GME) to eye-popping gains and saddled hedge funds that had bet against the stock with billions of dollars in losses. (Editor's note: This story contains language in the 4th and 8th paragraphs that some readers may find offensive.) Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close Meanwhile, Gill is also facing a proposed class action lawsuit, which accuses him of misrepresenting himself as an amateur investor and artificially inflating the GameStop stock price for his own profit.ĭo you have a news tip you’d like to share with FA-IQ? Email us at.
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Galvin’s office notes that an inquiry into Gill’s registration in Massachusetts is still pending. Gill made at least two trades involving GameStop in excess of $700,000, for example, the consent order adds.Īside from paying the fine, MassMutual has agreed to train its broker-dealer agents on social media and personal trading. In some cases the trades were nearly double those limits, the order states. MassMutual also failed to detect or monitor nearly 1,700 trades Gill made in the accounts of three other individuals, or certain transactions he initiated that exceeded nearly double MassMutual’s per-transaction limit of $250,000, according to the consent order. While preparing investor education materials, Gill posted more than 250 hours of videos on YouTube detailing investment strategies and at made at least 590 securities-related tweets, which “went unnoticed by his employer," according to Gavin’s office. Gill was responsible for creating educational content that MassMutual broker-dealer agents used with clients, according to the consent order. The consent order details the inadequate supervision of broker-dealer agents, including Gill, by MassMutual, which failed to review social media use or catch excessive trading in agents' personal accounts. He was still employed by MassMutual when he got involved in the GameStop and meme stock frenzy, which ran from late 2020 through early 2021, the consent order adds. Gill worked at MassMutual from April 2019 until January 2021, “a period in which he frequently posted videos and other materials online regarding investments and trading,” according to the consent order. The company will also be subject to a three-year compliance audit by an independent third-party consultant. MassMutual has agreed to undergo an independent compliance review of its social media policies and trading by its broker-dealer agents, according to an agreement between the Massachusetts watchdog and MML Investor Services.
“It took the media less than a day to identify the person behind the Roaring Kitty posts, while his own employer took no notice of his online persona.” “It’s clear that MassMutual was not as diligent as it should have been in supervising its employees,” Galvin said in a statement. He joined the industry in 2016 and his registration at MML Investor Services, a dually registered broker-dealer and registered advisor firm, ended on February 26. Gill was at the heart of the GameStop controversy, having talked up the stock on YouTube as Roaring Kitty and on Reddit as DeepF***ingValue. Separately, Galvin has ordered MML Investors Services to pay a $750,000 fine for failing to register 478 broker-dealer agents and ordered the firm to register them. William Galvin, Massachusetts Secretary of the Commonwealth, has sanctioned MML Investors Services, a subsidiary of MassMutual, for its failure to supervise Keith Gill and other agents. Massachusetts’ securities watchdog has ordered the former home office of Reddit’s “Roaring Kitty” to overhaul its social media policies and pay a $4 million fine.
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